Platinum Banking
Platinum e-Zine Issue #61 May 2014
Living the good life with Platinum Banking from Absa
Inside this Issue
Choosing the right Special travel offer: Cruise How to juggle a balanced retirement annuity to Portuguese Island on the lifestyle MSC Opera
Are there any benefits to Mandisa Williams – The 2014 Springbok rugby organic produce? challenging perceptions season
Go to Platinum Banking Contact Us More Platinum News Choosing the right retirement annuity
It is a well-documented fact that only about 10% of South Africans retire financially independent and are able to maintain their standard of living once they stop working. There are various ways and means to save money for retirement, such as pension and provident funds, savings accounts, unit trusts, property investments, etc. Retirement annuities (RAs) remain one of the most efficient investment vehicles for those who understand what they are and how to derive the maximum benefit from them.
Choosing the right RA for your financial needs is an important decision in your retirement planning process.
What is an RA? An RA effectively operates as an individual, defined- contribution retirement fund “One of the benefits of investing in an RA is that and all regular and lump sum SARS allows contributions to an RA to be contributions that have been invested, plus investment deducted from your taxable income,” returns, will only become available once the member has reached the age of 55 years. An RA is a retirement-specific savings plan that offers an option to receive a portion of the final investment amount as a lump sum in cash, plus an annuity income, depending on how you invest the remainder of the capital during your retirement years. An RA differs from an endowment policy in that the latter is a savings policy that can be used as collateral with which to raise a loan and can mature after a fixed investment period before retirement age. An RA cannot be used as security against a loan, but it is protected against creditor claims in the event of insolvency and can only mature once the member reaches the age of 55 years. An RA further differs from a formal pension or provident scheme in a number of ways, one of which is that members of a pension and/or provident scheme usually have the option to have the invested amount in the fund paid out or transferred directly to another (approved) retirement fund or RA when they resign. Research has shown that most people opt to receive their pension or provident fund savings in cash when they change employment, especially during their early working life, and that this has a significant negative impact on eventual retirement provision.
It is essential to note that RAs are regulated by distinct legislation that allows for a maximum of one-third of the investment value to be paid as a lump sum, while the remaining two-thirds of the savings has to be invested to generate a pension or annuity income, known as a conventional or living annuity. National Treasury is concerned that too many South Africans are purchasing living annuities (which do not offer any longevity protection) to provide retirement benefits. A living annuity is a special type of compulsory purchase annuity where the income is not guaranteed, but depends on the performance of the underlying investments. It allows investors to select an income level that ranges between predefined minimum and maximum levels. The nature of living annuities is such that investors bear the full investment and longevity risk. As with other types of savings and investment plans, there are different types of RA product propositions provided by financial services providers and it is important to be sure that the product-specific rules, costs and fees are aligned to your individual needs and requirements.
Traditional (actively managed) vs linked (passive investment) RAs The cost implications of investing in an RA have long been a contentious issue and Vladimir Nedeljkovic, Head: Exchange Traded Products at Absa Capital, says that South Africa has one of the highest cost bases for retirement savings in the world. “Layers of administration fees, management and platform fees eat up a significant portion of your investment returns. The importance of all these fees is often overlooked, as it is difficult to visualise the eroding effect one per cent of additional fees can have during the life of the investment, especially important for long-term investments such as those for retirement,” explains Nedeljkovic.
Unlike actively managed funds, where the fund managers make complex investment decisions to attempt to outperform the market, linked funds track the performance of a specific index, such as an equity index (for example the JSE Top 40), the property or industrials index, commodities (for example gold or oil) or the bond index. Due to the fact that the tracking of these indices is effectively an automated process, negating the need for detailed security analysis and continuous investment decisions, the management and operating fees are much lower than those of actively managed funds. Passive investment strategies include investment vehicles such as exchange-traded funds (ETFs). Nedeljkovic says that more interest had been sparked in passive investing recently, adding that the range of ETFs available for investment in South Africa has widened significantly during the past few years. “The spread is starting to cover different asset classes. The passive core can be very well constructed, as we have products that cover various investment themes.”
Nedeljkovic says passive investment products are the natural route to reducing retirement fund costs without compromising performance. “Living annuities require complex choices, so the advice element can be quite expensive. Research has shown that, over the long term, the majority of active managers do not outperform passive investments. In fact, after costs, 70%-80% of actively managed funds underperform passive ones.”
Life-stage approach There are many different investment strategies that can be used in the management of an RA fund, one of which is a life-stage asset allocation model. This approach ensures that the money saved and invested works as hard and for as long as possible in the process of building up a retirement capital pool for income purposes during retirement. Life-stage investing is based on the premise that investors’ risk appetites generally decline as they near their retirement date. Passive life-stage investing comprises a combination of passive investment building blocks that consist of ETFs and notes, thus ensuring low investment costs. Nedeljkovic explains that, in a life-stage investment approach, your RA will automatically be adjusted every year, in line with the asset allocation that corresponds with your preretirement life stage.
Taxation of RAs One of the benefits of investing in an RA is that SARS allows contributions to an RA to be deducted from your taxable income, within specified limitations. Another benefit is that no income tax, capital gains tax or dividends withholding tax is applicable to the returns earned in the fund. At retirement, up to a maximum of a third of your retirement savings can be withdrawn as a cash lump sum. The cash lump sum is subject to tax per a sliding scale, which in most cases is more favourable than normal income tax rates. It is advisable to seek the assistance of a qualified tax consultant or financial adviser to determine the deductible and/or taxable amounts that an individual qualifies for, because these could require complex calculations.
Photos - iStockphoto Special travel offer: Cruise to Portuguese Island on the MSC Opera
Cruising our coastline has become one of South Africa’s most popular summer holidays. It is the fastest-growing short break option for South Africans and at 251,25 metres in length and weighing 59 000 tons, the MSC Opera is the biggest and most modern cruise liner to ever operate in South African waters.
To travel on the MSC Opera is to experience the best of old-fashioned elegance with the best of modern home comforts. Displaying the hallmark Italian style found on all MSC Cruises’ stately ships and reflecting its Italian ownership, the public areas are enhanced by a sweeping marble reception area and magnificent open spaces with glass walls to best exploit the fabulous ocean views.
Enjoying an espresso at the coffee bar or indulging in a traditional Italian dessert at “We spent the whole day snorkelling, eating, sun the gelato bar enhances the tanning, eating, drinking, swimming... it was truly authentic luxury Italian experience. The luxury liner magical!” boasts a total of 878 cabins, with 172 cabins and 28 suites featuring private balconies. The MCS Opera truly lives up to its name, being classic, grand and opulent, with grandeur and spaciousness prevailing throughout the ship.
A cruise on board the MSC Opera is an ideal family holiday, where spending quality time with the kids in a round of mini-golf, a game of deck quoits, shuffleboard, table tennis or volleyball, relaxing by one of the two swimming pools or taking a class at the health club are just some of the available entertainment features. Other on-board amenities include a spa, hot tubs, nine bars, three restaurants, show lounges, a theatre and a casino. Leaving the kids at the crèche will offer you the chance to enjoy a nap or watch a movie in your cabin. Evenings are marked by an elegant seven-course dinner, followed by outstanding entertainment in the splendid Teatro dell’ Opera. There is also a lively disco where you can dance the night away. The 728 friendly, professional and helpful crew members are sure to make your journey, starting and ending in Durban, one to remember.
A visit to Portuguese Island in Mozambique is almost certainly one of the best ways to escape the everyday hustle and bustle and to really relax. The island is situated off the Mozambican coast and is an uninhabited nature reserve boasting pristine beaches, dense vegetation, unspoilt lagoons and small patches of mangrove, all of which adds to an authentic tropical island paradise experience. Access to the island is part of an agreement between MCS Cruises and the Mozambican government, where MSC Cruises may use the island for shore excursions during the summer season.
In an operation run with military precision, passengers are transported in rubber ducks from the ship to the pristine beach of Portuguese Island. A day full of fun activities includes a beach stroll, snorkelling, sea kayaking and a chance to experience some of the local cuisine, accompanied by a range of refreshments from MSC Cruises’ Island Bar. A short optional transfer to neighbouring Inhaca Island allows passengers to visit a local village, bars, restaurants and souvenir merchants. Included in the day trip to Portuguese Island, weather permitting, is a beach braai .
Cruising on the MSC Opera is for everyone who likes to be entertained alongside many other fun-loving people, and is the perfect opportunity to let your hair down. “The Fagan Four of South Africa had a blast on board the MSC Opera from 29 November to 2 December 2013. It was so awesome that we're planning our next one.” “We awoke the following morning to a gorgeous day and headed to Portuguese Island. After a huge breakfast, we boarded the Zodiacs and headed towards the beach. We spent the whole day snorkelling, eating, sun tanning, eating, drinking, swimming... it was magical! Late afternoon, we got back on the ship, hit the deck, ate some more, had a few more cocktails. Heaven!” (www.cruisecritic.com).
Come ready for entertainment, fun and great food and you will have a memorable experience on board this floating hotel.
Special offer details
• For bookings, please call the Travel Desk on 086 111 1120.
• Save up to 40% on the normal price.
• Normal price: R5 690 — you pay from R3 414 per person sharing for 3 nights.
• MSC Opera cruises from Durban to Portuguese Island and back to Durban.
• Kids under 18 stay for free.
• Offer valid from 7 to 10 November 2014 (other dates available).
• Offer includes accommodation in an inside cabin, all meals, entertainment and use of the gym and Kids Club.
• Offer excludes port insurance and service charges.
Photos - www..msccruises.co.za How to juggle a balanced lifestyle
You might read this thinking, “…not another article on work-life balance.” But take a moment and open your mind to new possibilities. The year is now in full swing and the only way to achieve greater work-home harmony is to think and do things differently.
It is a worldwide trend to strive for a greater balance between work and daily living. According to the Regus Work-Life Index 2012 – which surveyed over 16 000 professionals in more than 80 countries – 61% of business respondents globally felt their work-life balance has improved. The index combined a number of ‘soft’ indicators – the respondents’ feelings of enjoyment, sense of achievement and satisfaction with the amount of time spent at home – with ‘hard’ factors such as working hours and additional duties.
But how can you achieve greater balance and what does it entail? Antoinette “Balance is crucial to living a happy, fulfilled life Lortan, executive coach, – and the good news is that it’s within reach of strategic consultant, speaker us all.” and owner of Human Mirror Coaching and Consultancy, explains: “Living a balanced life means living a joyous one.” ‘Joyous’ doesn’t necessarily mean free of obstacles. “The storms in our lives challenge our comfort zones — the things we need to accept with a positive attitude in order to grow,” says Antoinette. “It starts with knowing yourself, accepting and developing your self-worth and understanding what balance means to you as an individual.”
The key is to find a plan you believe in, commit and stick to it, and set aside quality time to pursue your objectives.
Why is balance important? The consequences of not living a balanced life can be best explained by using the wheel analogy. “If you don’t strike that balance, the wheel might still turn and get you to your destination, but at a slower pace and it will eventually force you to stand still and fix it,” says Antoinette. You have a choice to either grow willingly or to grow through pain. If you’re in balance, you can serve those around you ‘wholly’ and without the subconscious being occupied with negativity carried around for years. You become freer of judgment, manage perceptions more consciously and develop emotional intelligence and even cultural intelligence, as a result.
“Our minds are where it all starts,” explains Antoinette. “Challenge the way you think and do and keep it in line with the legacy you’re committed to leaving behind. I’ve also found that by being conscious of aiming for balance, our subconscious mind is tuned in to help us create the harmony we strive for.”
Getting practical Antoinette suggests: “Find your point of balance by creating a mind map, with you at the centre. Positioned around it are your life’s different compartments and the things that need to happen within these spheres to experience joy.” Joy is what makes you get up every morning and feel excited about the day’s possibilities. Feed into this map weekly. Add to it and make it your own. Write down the legacy you want to leave behind and ask yourself what values you need to live by in order to become the person you want to be.
“Make sure your goals are measurable and stick to them. Manage internal and external conditions. Also, improve your level of accountability by sharing these goals with your loved ones. Keep your thoughts healthy and in line with your goals and values and stay clear of people who don’t have your best interests at heart.”
Find the time We all have 24 hours in our day, but it is how we spend these hours that helps us live in balance. “Become aware of what is eating into your time and set boundaries,” says Antoinette. “Communicate your frustrations and needs. And never leave the office without going through your to-do list for that day and reprioritising. In this way you’ll start the next day focused. You’ll also be more relaxed at home and will sleep better too.”
A few sessions with an accredited life coach is a great way to kick-start a more balanced lifestyle. This real-life testimony serves as a good example of its benefits:
“I was down in the dumps, not knowing whether to resign at my current job or not. I signed up for six life coaching sessions... and it changed my life. I was taught to be conscious in checking whether I’m busy with reality or being caught up in my ‘own story’. I also realised I had a fear of disappointment. I learned to face criticism from colleagues and positively apply it to my own life. I was even taught how to tackle the ‘one-on-one’ discussions I needed to have with my boss. Having my life coach asking the right questions, helped me to discover the hidden potential within myself. It made me realise that I have all it takes to be a successful, happy person.” – General Manager, EOH division
Balance is crucial to living a happy, fulfilled life – and the good news is that it’s within reach of us all.
Photos - iStockphoto Are there any benefits to organic produce?
Modern-day consumers can choose between foods that have been conventionally produced, organically grown, or free range. What is the difference and does it really matter?
Organic production refers to a system of agriculture that maintains and replenishes the fertility of the soil. The produce is grown without the use of chemical pesticides, herbicides, fungicides or fertilisers and only compost and organic materials are used, with indigenous vegetation for mulching. “Weeds and pests are controlled using environmentally sound practices that sustain the health of our planet and, ultimately, our own well-being,” says Shelagh de Rosenwerth from Stellar Winery, South Africa’s largest producer and exporter of fine organic wines.
De Rosenwerth lists sustainability over the long “It’s better for the soil, water resources, long- term, soil stabilisation and term sustainability of agriculture, biodiversity enhancement, waste and nutrient recycling, carbon and consumers, who deserve the choice of the sequestration, the reduction organic option,” or elimination of groundwater pollution, air and climate change — organic agriculture lessens dependence on non-renewable fossil fuel — and the support of biodiversity as the main benefits of organic farming. She also adds that genetically modified crops are strictly forbidden under organic cultivation stipulations.
While all organic livestock is free range, all free-range animals are not organic. Free range means that the animals enjoy freedom of movement and a plant-based diet. Free-range animals are, however, treated with conventional veterinary methods and their food may contain artificial additives. Organic farmers use only natural feed and treat their livestock with approved homoeopathic remedies.
With regard to the nutritional benefits of organic produce, a number of authoritative scientific studies have shown that non-organic foods contain the same nutrients as organic food and in the same amounts. However, an EU-funded study found that some organic foods may well be more nutritious. "The organically grown fruits and vegetables contained up to 40% more antioxidants than the non-organic varieties," said Dr Leifert, Professor of Ecological Agriculture at Newcastle University. Other studies found that organic food also contained more ascorbic acid, more protein and fewer nitrates than food that was conventionally grown, due to the fact that organic foods contain less water, meaning that the nutrients are less diluted than in non-organic crops.
Although the main concern about conventionally grown foods is the fear of ingesting pesticides and what effect this might have on human health, the level of pesticides found in conventionally grown foods hasn’t been definitively linked to any health risks, according to a report by Harvard Medical School.
Globally, organic production is a growing industry, with more producers joining the ranks of the converted every year. Statistics produced by the Swiss-based Research Institute of Organic Agriculture show that the total amount of organic agricultural land worldwide grew to 37,2 million hectares in 2011 from 11 million hectares in 1999. Australia has the most organic agricultural land, with 12 million hectares, followed by Argentina, with 3,8 million and the USA and China with 1,9 million each. The global market for organically produced goods is worth 62,8 billion US dollars per year and 86 countries have organic legislation in place.
With regard to the local organic industry, Rob Harrewyn from Harrewyn Organics, a leading importer and distributor of natural, organic and specialty health food products, says that, while no official figures exist, his best estimate is that the South African organic industry is worth between R1 billion and R1,5 billion annually. Harrewyn believes a problem in the organic industry in South Africa is that producers can call their products organic without it being certified as such. This is because there is currently no legislation in South Africa to regulate the industry.
Les Hutton from the Organics Farms Group is of the opinion that this is a positive aspect from the point of view of emerging farmers. He says that, together with their partners in the public and private sector, they promote small-farmer production of ‘organic-natural’ vegetables and other products to allow disadvantaged and under-resourced individuals to enter into the mainstream economy via agribusinesses, including through the sale of value-added products like preserves, sauces, chutneys, soups and ready-cooked meals. “This means our small farmers can be competitive, since certification costs them too much,” adds Hutton.
If you are concerned about the validity of a product’s claim of being organic, De Rosenwerth says you should look for the logo of a credible organic inspection body somewhere on the packaging, accompanied by a certification code, as this is currently the only guarantee as South Africa has no legislation, regulation or standard controlling organic agriculture production in South Africa. Elsabe Matthee, Certification Manager at SGS South Africa, says the SA Organic Regulation is still in draft and it will resort under the Agricultural Products Act once finalised. Producers in SA are therefore being certificated mainly against the EU Regulation 834/07 and/or the USDA Rule.
SAOSO (South African Organic Sector Organisation) is a public, non-profit organisation which was established to represent the organic sector as an intermediary between government and the sector. SAOSO says a draft regulation on organic products has been in existence for more than 10 years, gone through numerous drafts, but has still not been promulgated.
Why is organic farming important? “It’s better for the soil, water resources, long-term sustainability of agriculture, biodiversity and consumers, who deserve the choice of the organic option,” concludes De Rosenwerth.
Photos - iStockphoto Mandisa Williams – challenging perceptions
“Rugby teaches you how to be grounded and humble. It also teaches you discipline and how to control your aggression,” says Mandisa Williams, the experienced loose forward who will be playing in her third IRB Women’s Rugby World Cup when she leads South Africa’s women’s rugby team at the prestigious international showcase to be held in France later this year.
The 2014 IRB Women’s RWC, which kicks off on 1 August, will mark South Africa’s third successive appearance in the pinnacle tournament of the sport and Williams has no illusions about the importance of the event. “It is super important, because a World Cup is where a team can judge themselves against other countries. We mostly needed to qualify so that we can represent our country for the growth of women’s rugby in the country, “I cannot imagine my life without rugby. It is a otherwise there will be no huge part of me and my family and I would love support systems in place for the next four years,” she to coach a women’s team if given the says. The team booked their opportunity after my playing days,” place in the 2014 competition in style by comprehensively beating Uganda by 63 points to 3 at the Buffalo City Stadium in East London in a qualifying match in September last year.
What made the win — the biggest winning margin in the history of the SA women’s rugby team to date — even more special to Williams was that the match was played in her home town, where her love for rugby was sparked and nurtured by her rugby-loving father, Million. Williams, one of four children, was born in Jongilanga, a few kilometres outside of East London, and was raised by her father, a taxi owner and former club rugby player, after the death of her mother when she was still very young. The Border region has a long and rich rugby playing history and there are more than 2 000 registered female rugby players playing in the three divisions of the Border Rugby Union.
The sports management graduate accompanied her father to club and provincial rugby matches from the age of nine and when he decided to start his own women’s rugby team, Williams joined, at the age of fifteen, and started playing. Williams has never looked back: “I cannot imagine my life without rugby. It is a huge part of me and my family and I would love to coach a women’s team if given the opportunity after my playing days,” she says.
Williams, who plays provincial rugby for Border, enthuses that being selected to represent the Springboks in 2004 was the greatest opportunity and the proudest moment of her life. Aside from playing in two World Cups, she was also chosen by the South African Rugby Union (SARU) to take part in a rugby exchange programme. “I got to go to Ireland for the exchange programme and it was a great opportunity. There was just so much exposure to so many different things,” says Williams.
Rugby is still very much viewed as a man’s game in South Africa and this makes competing on a world stage an uphill battle for the team, both in their personal lives, where most of them still have to earn a living, as well as professionally, due to a lack of international competition. “We still have some way to go to establish women’s rugby as a mainstream sport in South Africa. We simply don’t have the number of participants that other sports such as hockey and swimming have and we need more funding,” Williams explains. Newly appointed Springbok women’s coach and former Springbok prop Lawrence Sephaka, however, points out that massive strides have been made in women’s rugby in South Africa and, as things stand, there are 15 contracted elite seven-a-side players who live and train together daily as part of a residential programme in Port Elizabeth.
Although South Africa lost to both New Zealand (55-3) and Australia (62-0) in the pool stages of the 2010 RWC in England, they managed to cause one of the upsets of the tournament by beating Wales by 15 points to 10. A 25-10 victory over Kazakhstan saw the South African team go through to the 9th place playoff, where Wales managed to reverse the result of the pool stages with a 29 points to 17 victory.
South Africa again faces a stern test after being drawn in Pool C for the 2014 RWC, along with Australia, Wales and the host nation, France, and we wish both Williams and the team all the best for a successful tournament.
Photos - Top:Ashley Vlotman/Gallo Images; Middle: Duif du Doit/Gallo Images; Bottom: Richard Huggard/Gallo Images The 2014 Springbok rugby season
The form of the Springboks in the 14 international matches scheduled for the 2014 season will be particularly important in terms of preparing for next year’s IRB Rugby World Cup in England, and the way in which the team performs and executes coach Heyneke Meyer’s game plan will be just as important as the results.
The Springboks will play 13 tests this year and one game without test status — a match against a World XV coached by former Springbok and Italian national side coach, Nick Mallett, on 7 June in Cape Town. The South African Rugby Union (SARU) confirmed in March that the Springboks will face 2013 Six Nations champions Wales during the Castle Lager Incoming Series in June in two tests, played in Durban at Growthpoint Kings Park and the Mbombela Stadium in “The ultimate question to be answered is if the Nelspruit, followed by a once- Boks can do one better this year and beat the All off test against Scotland at the Nelson Mandela Bay Blacks.” Stadium in Port Elizabeth. The home test matches in the Castle Lager Rugby Championship will be played at Loftus Versfeld in Pretoria against Argentina, at DHL Newlands in Cape Town against Australia and at Ellis Park in Johannesburg against New Zealand.
A further development in the Springbok’s test season is the announcement that the November outgoing tour to Europe will include a fourth test against Wales, scheduled for 29 November. “We are very excited about the schedule for the year, which will give Heyneke Meyer and the Springboks a proper opportunity to test themselves a little more than a year away from the 2015 Rugby World Cup. The four tests in November, which will see us take on Ireland, England, Italy and Wales, will provide good preparation in typical conditions they can expect at the World Cup. It will be a tough tour, but I know the Boks will be ready to take on the best from that part of the world,” said Jurie Roux, SARU Chief Executive Officer. Roux explained that the decision to play an additional test against Wales in November, as well as the planned match against a World XV, had been taken to generate additional revenue for the Springbok’s World Cup preparations, as well as to provide additional time for the Springbok squad to be together.
With the Springboks showing improvement in each game last year, winning 10 out of the 12 games played, Springbok supporters will be hoping that this momentum will be carried into this season’s games. Although Wales finished third, behind Ireland and England, in this year’s Six Nations tournament, the Welsh are a quality side, which was reflected in their 51- 3 drubbing of Scotland on 15 March, and they are sure to provide a stern test to the Springboks.
Scotland has been struggling lately and only managed one win in the Six Nations, against Italy, and even though the Scots were very competitive in their game against the Springboks in Nelspruit last year, especially at the breakdown area, the Springboks should be too strong for the warriors from the land of the rolling green hills.
Although the Boks proved to have Argentina’s number when they beat them by a record margin of 73-13 in the Castle Rugby Championship at the FNB Stadium in Johannesburg last year, they almost came unstuck in Mendoza, winning by only 22 points to 17. Hopefully the team learned enough from that experience to be more dominant on their trip to South America this year.
Australia was in a rebuilding phase last year and provided no real opposition to an ever-improving Springbok side, going down by 38 points to 12 at the Suncorp Stadium in Brisbane before succumbing by 28 points to 8 at Newlands in Cape Town. Although the Aussies should be much more competitive this year, the Boks are currently the firm favourites in matches between the two old rivals.
The ultimate test for any Springbok side is still a game against the All Blacks. However, the Boks were very competitive and at times extremely unlucky with some dubious officiating in their games against New Zealand last year, going down by 15-29 at Eden Park in Auckland and by 27-38 at Ellis Park in Johannesburg. The ultimate question to be answered is if the Boks can do one better this year and beat the All Blacks.
Ireland is the current Six Nations champion and will definitely give the Springboks a run for their money at the AVIVA Stadium in Dublin during the Castle Lager Outgoing Tour in November, and the resurgent England side will be very dangerous at Twickenham, the spiritual home of the English Roses. Although Italy has shown steady improvement and is becoming more competitive, the team should not pose too many problems for the men from South Africa.
2014 Springbok fixtures:
Castle Lager Incoming Series 7 June: Springboks v World XV (DHL Newlands, Cape Town) 14 June: Springboks v Wales (Growthpoint Kings Park, Durban) 21 June: Springboks v Wales (Mbombela Stadium, Nelspruit) 28 June: Springboks v Scotland (Nelson Mandela Bay Stadium, Port Elizabeth)
Castle Lager Rugby Championship 16 August: Springboks v Argentina (Loftus Versfeld, Pretoria) 23 August: Argentina v Springboks (Estadio Padre Ernesto Martearena, Salta) 6 September: Australia v Springboks (Patersons Stadium, Perth) 13 September: New Zealand v Springboks (Westpac Stadium, Wellington) 27 September: Springboks v Australia (DHL Newlands, Cape Town) 4 October: Springboks v New Zealand (Ellis Park, Johannesburg)
Castle Lager Outgoing Tour 8 November: Ireland v Springboks (AVIVA Stadium, Dublin) 15 November: England v Springboks (Twickenham, London) 22 November: Italy v Springboks (Venue TBC) 29 November: Wales v Springboks (Millennium Stadium, Cardiff)
Photos - Top: iStockphoto; Middle and bottom: Gallo Images Platinum News
Upgrade to the latest version of the Absa App
Upgrade to the latest version of our App released on 12 April for additional features and security enhancements.
Please browse to www.absa.co.za/App for more information.
Photos - Absa
Two easy steps to report an Estate
The report of a deceased Estate is a demanding and administrative hassle and many people would rather avoid it and leave it to the experts.
Absa Trust Estate Reporting Centre 0860 110 287
The Absa Trust Estate Reporting Centre will ensure a seamless process of reporting a client’s estate by following these two easy steps:
Step 1 Make sure you have the following information of the deceased at hand:
• Full name and surname
• Last residential address
• Date of death
• Will number
• Beneficiaries’ contact details
• Deceased’s ID number
Step 2 Call 0860 110 287 and make an appointment with one of our experts who will guide you through the process.
Below are some of the required documents when reporting an estate. Additional documents may be requested if applicable:
• Will
• Identity Document
• Death certificate
• Deed of transfer and related documents
• Policies (life and short-term policies)
• Banking details
• Share certificates
• Motor vehicle registration certificate
• Firearm licences
• Any other documents relating to assets/investments
• Outstanding accounts
• Instalment sale agreements
• Bank loans
• Income tax details
• Any other documents relating to liabilities/debts
• Employer and/or pension fund details
• Medical aid information
Estate Administration Services The service includes the complete administration of each client’s estate according to the instruction stated in the Will and the statutory process. This includes matters such as the identification and protection of assets, discharge of liabilities and the preparation and submission of the estate accounts to the Master of the High Court.
Once all requirements have been met, the assets of the estate are distributed to the nominated beneficiaries as detailed in the Will. At this stage Absa Trust will, if required, advise heirs about investments and the protection of their assets.
If you need further assistance or have any queries please call 0860 110 287.
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Absa Retirement Annuity Fund: Core Portfolio
South Africa has one of the highest cost bases for retirement savings in the world.
Layers of administration fees, management and platform fees eat up a significant portion of your investment returns. That’s why the Corporate and Investment Banking division of Absa is bringing to market the Absa Retirement Annuity Fund: Core Portfolio, a low -cost retirement annuity solution based on life- stage investing.
The underlying funds making up the Core Retirement Annuity are Exchange Traded Funds .
Key Features:
• Simplicity and convenience: Your portfolio is automatically adjusted each year so that your risk reduces closer to retirement.
• Easy to transact and manage: Simple online application process, investment tools, statements on demand, investment review on demand (recommended once a year).
• Low investment costs: Portfolio building blocks comprise low-cost passive investments (exchange traded funds)
• Transparency: Full disclosure as to where your money is invested.
• Tax benefits: Contributions are tax deductible by up to 15% of your non-pensionable income, return on investment is tax-free and at retirement a significant portion of the cash sum available is tax-free.
Fees There are two components to the annual fees charged:
• Product fee: 0.27% - 0.31%
This is the weighted sum of the total expense ratios (TERs) of the underlying ETFs. This fee will change slightly over time because the underlying funds have different TERs and their weightings will change over time.
• Platform fee: 0.228%
The platform fee is the annual administration fee charged by Absa Investor Management Services (Aims).
Bringing the total costs to 0.50% - 0.54% p.a. (incl. VAT), well below the industry average.
Investment Amounts
• Lump sum investment: R10 000
• Recurring investment: R500 per month
• Additional lump-sum investment: R5 000
How to invest Application is directly online. Visit the how to invest page or product page at etf.absacapital.com and click on apply.
Transfers from other registered funds Transfers from other approved Pension or Provident and Retirement Annuity Funds can be transferred free of tax into the AIMS Retirement Annuity Fund and are completed by filling out a manual transfer form downloadable under the how to invest page at etf.absacapital.com .
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The new Audi A3 - Taking you for a cruise
Purchase a new Audi A3 from Audi Centre Hatfield or Audi Centre Rivonia and enjoy a relaxing boat cruise.
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Absa Vehicle Finance goes green!
Save the environment while saving money at the same time!
If you buy any vehicle that emits under the 120 g/km benchmark set by SA Carbon Tax, Absa will give you reduced finance rates :
• receive a rebate of 0,25% if you finance any passenger vehicle with a carbon output of less than 120g/km
• receive a rebate of 0,75% if you finance any passenger vehicle with a carbon output of less than 100g/km
How are you further helping the environment? For each vehicle purchased that falls into specified categories and financed by AVAF, Absa will plant a tree free of charge on your behalf. The tree planting initiative is coordinated by Trees for Africa and you will receive a certificate confirming that a tree has been planted.
You too can be more environmentally responsible by getting a greener vehicle for less.
For more information please visit www.absa.co.za or call the Platinum Line on 0860 109 085 or email [email protected] .
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Get the cash for your next chapter
Talk to us and you’ll see why, as an Absa customer, you’ll get the best deal possible on your personal loan.
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Exclusive La Prairie offer from Edgars
Receive a free gift to the value of R1850 with the purchase of any two La Prairie treatment products.
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Not yet an Absa Rewards member?
There’s no better time to get rewarded than right now! By simply swiping your Absa card you can now earn real cash.
Earn:
• Up to 1% Cash Rewards from Absa;
• Up to 30% Cash Rewards from our Partners;
• 5% Cash Rewards from Absa at Sasol Service stations
Plus
Make your life easier with our handy Bonus Benefits
Home Assist Burst pipe in the middle of the night? Let us help you with emergency household repairs 24/7. And you can get an appointment booked with a plumbing, electrical, locksmith and appliance repair emergency services expert with no call-out fee and the first hour of labour absolutely free .
Dial-A-Discount Don’t book that pricey hotel room until you’ve dialled a discount. Get the best available price on absolutely anything from over 250 leading brands and retailers with a single call.
Healthy Lifestyle That toothache doesn’t have to cost you an arm and a leg. Now you can access a network of dedicated doctors, dentists and optometrists in rural and urban areas and save with pre-negotiated discounted pricing of 20% on your consultation.
Lifestyle Concierge Finally planning that extravagant party? Need to book a holiday, tickets to the theatre or a sports event, but don’t have the time to do it? Let us help you out. Quite simply, we’re the ‘personal assistant’ you’ve always wanted.
To find out more info simply logon to www.absa.co.za/rewards or register now with Free Online Banking or on the Absa App.
Terms and conditions apply .
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Absa Bank Ltd Reg No 1986/004794/06 Authorised Financial Services Provider Registered Credit Provider Reg No NCRCP7